Olsam achieve rapid global expansion with Airwallex
Find out how fast-growing Amazon aggregator, Olsam, use Airwallex's financial infrastructure to support their global expansion.
“If you’re looking for a scalable and slick onboarding and set up process for each acquisition, Airwallex is fantastic. It also provides a great interface for viewing a consolidated list of seller centrals and Amazon stores in a nice dashboard. The design is very helpful for businesses like us.”
Olsam is a fast-growing start-up founded by two brothers, Ollie and Sam Horbye. Their business buys Amazon FBA companies and grows them into market-leading brands.
With respective backgrounds in private equity and the Amazon marketplace, the brothers knew they had the skills to successfully acquire and scale ecommerce brands internationally.
A truly borderless company, Olsam’s team is headquartered in the UK and has employees in South Africa and the Philippines. They trade across global marketplaces, including the US, Europe, and the UK, and have plans to expand into Australia and Asia Pacific.
When searching for a global business account, they knew they needed a platform with a slick onboarding process that would allow them to integrate their newly acquired brands quickly and efficiently. And so they came to Airwallex.
How Olsam stands out from the crowd
Ecommerce aggregation has mushroomed in the past two years, with Amazon acquirers attracting more than USD12 billion in investment between them since 2020, according to Marketplace Pulse. What gives Olsam the edge is their first-hand experience of the Amazon marketplace.
“We have a great skill set within the team,” says Olsam’s Finance Director, Martyn Firth. “A lot of people who manage our teams are ex-Amazon employees, so they really know the space. We have great ambitions to grow the business in terms of new territories and to optimise our cash position and the efficiencies we can build.”
The year ahead will bring greater international growth for Olsam, particularly in the US and China. The business is also making plans to partner with other Amazon FBA acquirers and expand their portfolio further.
With Airwallex in place, Olsam can collect customer payments from their numerous Amazon stores in multiple currencies without being subject to forced FX conversions. Airwallex also enables them to sidestep unnecessary transfer and exchange fees when paying international suppliers.
Helping Olsam reach exponential growth
“The customer service and the responsiveness of Airwallex is a massive reason why we’ve chosen to work with you. We’re having to set up new accounts all the time, if we hit roadblocks we know we can email or call, and we’ll have a timely response.”
Olsam is one company with many faces. Each brand they acquire has its own set of financial accounts, which need to be individually tracked and fed into the business’ central accounting systems.
Managing multiple brands across borders in several currencies presented a challenge. Olsam needed the right financial infrastructure in place to ensure their accounts were kept in the most efficient way possible.
The Airwallex solution
Global Accounts: Olsam can open new multi-currency accounts for each business they acquire in a click.
Amazon withdrawal: Olsam collects revenue in multiple currencies from each Amazon account into their Global Accounts with no forced FX conversions or unnecessary fees.
Slick onboarding: Airwallex offers an efficient onboarding process for each acquisition.
Simple interface: Olsam can track their finances across multiple entities from a single interface, and easily toggle between accounts.
Xero integration: allows for automatic reconciliation.
Borderless Cards: Airwallex multi-currency debit cards allow for borderless spending with no transaction fees. Olsam is able to issue individual cards for each brand they acquire.
Finance Director, Olsam
“Airwallex allows us to switch between multiple business bank accounts with one log in, allowing easier management of multiple subsidiaries. And being able to integrate with Xero is really beneficial.”
The global account for borderless businesses
Airwallex gives companies like Olsam full control of their finances across countries, currencies and brands. We cut down the cost and administrative burdens usually associated with international trade, making global expansion that much easier.
To find out how Airwallex can help your business scale internationally without the added costs, sign up online.
See how our customers are finding Airwallex
"Airwallex have been a fantastic partner for Olsam Group as we grow our eCommerce brands to new channels and new markets. Their easy to use interface and integrations have been a joy for our finance team to use as we scale."
"For ME + EM, expanding into international markets such as the US has been our focus - and with Airwallex, we were able to use their local USD Global Account to collect from our Paypal US account, thereby allowing us to save 3% on each transaction. The process of working with Airwallex has been seamless - our suppliers get paid quickly, we have a dedicated Relationship Manager who has been really patient, helpful and quick to respond. I am keen to use their cards to pay for our ad spend in the near future to save further on our USD invoices."
Finance Manager, ME + EM
"We've had such a fantastic experience switching to Airwallex. Previously we were using a traditional bank to make all of our international transactions and they'd constantly lock us out of the account everytime we made a transfer, resulting in hours and hours of lost time on hold. Airwallex is secure, makes it super quick and simple to make and receive international payments."
Managing Director, Perspective Pictures
“We used to pay Stripe between $5,000 and $10,000 a month in conversion fees because most of our customers pay in dollars. Now we funnel that money into our Airwallex US dollar account, we don’t have to pay commission. We’ve saved more than $100,000 so far this year”
Founder and CEO, Brandbassador
"We love Airwallex! It has considerably eased our invoicing and payments to contractors around the world. Sending and receiving money is much faster and cheaper than before."
Co-Founder, Mobile Transaction
“We are so glad that we have found Airwallex! There are no hidden charges, they are quick to respond to any queries and we had the smoothest transaction with amazing support from the team continually.”
Supply Chain Executive, Miss Patisserie
"Our water solutions company, Dropterra (go.dropterra.com) has partnered with Airwallex since inception and it has been the best banking and payment partner a company can think of. International transactions are easy, secure, and fast, the technology is incredible and their client service fantastic! We look forward to growing and deepening our relationship with Airwallex!"